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LIC warns policy holders, keep these things in mind to avoid losses

Economic Times | June 26, 2024 10:46 AM CST

Life Insurance Corporation of India (LIC) has issued a warning to its policy holders. According to LIC, if any person or business tempts the policy holder to buy a new insurance policy by offering a good amount in exchange for the current insurance policy, then they should not fall for it. Such news was going on about LIC for the last several days, regarding which LIC has given clarification.

The life insurance giant has urged all policyholders to exercise extreme caution before taking any decision regarding their policy, which may compromise their family's risk coverage and financial stability.

Cleaning up of LIC

1. LIC is not associated with any such entity or the products or services being offered by such entities. Any statement made by former employees/personnel of LIC is personal to such individuals. We disclaim any responsibility or liability in respect thereof.

2. Any sale/transfer or assignment of LIC policies should be done in accordance with the Insurance Act, 1938, including Section 38 thereof.

LIC asked its policyholders to consult its officials before responding to any offer.

According to LIC, "We urge all policyholders to exercise due diligence before taking any decision on their policy, which may jeopardize their financial security and risk cover for their family. Before responding to any offer, please consult any LIC official at our branches."

According to LIC, please pay attention to these things

-Keep the policy bond safe. It will be required at the time of maturity benefit. You will also need it if you are taking a loan or want to assign your policy.

-When you change your place of residence, please inform us of the new address. Otherwise premium notices, discharge vouchers, etc., will be delayed in reaching you.

-Ensure that the name of the nominee is correctly incorporated in the policy bond.

-Remember to pay your premiums on time. The policy bond indicates the months in which the premium is due.